david asserted that since china's succession into the wto, well, what is the counter counterfactual? i have some familiarity with the level of u.s. tariffs on china prior to the succession and they were not high. and so, the main reason why china is exporting more to the united states is that china's producing six times as much as it was in 1999 and producing in much more technologically sophisticated ways. now, the it's true that if they had not been in the wto, conceivably, we could have passed a new set of protectionist measures, but i think if you ask the question if the united states had maintained its trade policies visa vi china, as they stood before china was admitted into the wto, what fraction of the increase in chinese exports to the united states would we have observed. i think the answer is the vast majority of that increase. and i think that's very important. because i think there's a tendency to suppose that if trade developments impact the wage distribution importantly in the united states, then presumpltively trade agreements are a bad idea and i think that in order

. >> in our view this program violates the commitment china made when they joined the wto not to expert suxbsidies. >> they're hoping to resolve the dispute. if that fails they'll set up a panel to resolve the issue. they failed a similar case against china in 2012. they say beijing unfairly exported cars and car parts. >>> skymark airlines have flown into even more turbulence. the exec sieveutives say they bled about 14 million dollar since april last year. it's their worst ever loss for the nine-month period. a rise in aircraft leasing fees due to the weaker yen. they're trying to draw up a rehabilitation plan. they plan to seek help from an investment fund and other parties. >>> the bank of japan is waging a long and difficult campaign to end inflation. the officials say in january companies paid slightly more to buy goods from each other than they did a year earlier. but they say after they removed the impact of the consumption tax hike from the calculations, they say it's a pretty different picture. it's actually been falling for three months. they attribute the downward trend to c

we'll work on the recent successfully competed wto trade facilitation agreement modernizing with customs reform and the charter of the bank. our global sbel chul property center will improve properties here and around the world. and we will work to improve our own rules on trade secreted while advancing ip agreements in india and china. p even with the recent deline in energy prices, abundant energy still stands out as an extraordinary opportunity to generate millions of jobs in this country trillions in new investment while secures affordable energy for american consumers. to unleash the resolution and we should reform export rules so we can sell this energy when appropriate around the world. our institute for 21st century energy has issued a 64 specific recommendations on how, for example, to remove barriers to oil and gas production to ensure the use of coal and nuclear energy, and enhance the competitiveness of renewable resources. and we're going to keep pushing on the keystone pipeline. the administration's own facts clearly now this project can create jobs and energy security with

they jound theined the wto with assistance from us. and since mr.ade this decision around crimea, and ukraine, not because of some grand strategy but essentially because he was caught off balance by the protests then yanukovych fleeing after we'd brokered a deal since that time this improvisation that he's been doing has gotten him deeper and deeper into a situation that is a violation of international law, that violates the integrity -- territorial integrity and sovereignty of ukraine, has isolated russia diplomatically, has made europe wary of doing business with russia, has allowed the imposition of sanctions that are crippling russia's economy at a time when their oil revenues are dropping. there's no formula in which this ends up being good for russia. the annexation of crimea is a cost not a benefit, to russia. the days in which conquests of land somehow was a formula for great nation status is over. the power of countries today is measured by your knowledge, your skills, your ability to export goods to invent new products and new services you

same with the wto. would be inconsistent for an agreement as large as the tpp to not include some currency disciplines. >> who would decide the currency disciplines? by the wto? by the imf? >> it's the same set of criteria -- >> is it right the united states -- >> it's the united states gets to be the judge and jury on it, scott. >> absolutely not. i mean there's two elements to this. one is through our trade laws. we have systems right now where you can bring a trade case. it's adjudicated. the u.s. has a strong record of upholding its trade law enforcement. >> but it's these kinds of -- >> in the tpp you would have criteria that are internationally agreed to. so this is something that japan has agreed to as pa rt of the imf. you would make it enforceable but teletpp. if japan's not doing it right now, i don't see what it benefits. the benefits of free trade would flow greatly to the united states. >> you said they are doing pipt. >> i think they have a history of it. i think they're disturbing trends.

wto p four more road conditions? hopefully most people are heeding the warnings and staying off the roads today. >> we will check in with jack coming up in just a little bit. first thing is first, we are going to woodbridge this morning with the latest on the conditions there. >> we are still keeping an eye on the roads here. we are again starting to see some pavement. small things matter when you got snow like this. you can see some of the black which is of course the sign of progress being made. on the other side of the street here you still have the coding on 95. sometimes it is all clear in other areas. still, i enough of an indication that you should not be driving in these conditions. the plows want time to clear off the roads. i spoke to a driver earlier and they said their biggest frustration when it comes to their job is that the drivers are on the road and do not give enough space. speaking of, you want to give them about five seconds of space to do their job correctly. this is massive snow that you are fin

decision to file a complaint with the wto. >> and that brings us to our off the radar story, little knownth a big impact it is frequently called the most important trade deal you've never heard of and over the next few months you may hear more the trans special partnership known as t.p.p. for short and obama administration hopes to pass it by the end of this year and like most trade agreements t.p.p. will lower trade tariffs and find store shelves cheaper, the price of medication will sky rocket and involves 12 countries in the pacific region and it's the largest free trade deal since the trade organization established back in 1995. noticeably absent china and the t.p.p. has been viewed as part of the american pivot strategy to reassert political and economic impact in a region where it has lost ground to china's growing power and proponents say t.p.p. will be good for american workers by boosting exports and u.s. has the strong trade ties with t.p.p. countries exporting about $700 billion in goods to them in 2013 together the 12 countries of t.p.p. generate 40%, 40% of global g.d.p. the

we've got to keep trucking at the wto.first wave got to implement the trade facilitation agreement. this agreement alone could add $1 trillion to the global economy. next we got the environmental goods agreements. this is a great opportunity to tear down barriers to our environmental goods. that could add another $1 trillion. we've got to expand the information technology agreement. because we can keep our crucial edge in this sector if we can do that. we've got to look for all opportunities to take down barriers of all members of the wto, especially the major emerging economies. and we've got to keep using the dispute settlement process to enforce our rights. otherwise what's the point of having a trade agreement? before we can conclude any of these deals, there's one thing that we have to do. we've got to pass trade promotion authority. here's the issue. when the united states sits down at the negotiating table, every country at that table has to be able to trust us. they have to know that the deal that the administratio

his books include the regulation of international trade, the wto system, law, politics and legitimacy. the professor has been a frequent consultant or advisor and the international development bank. the professor is also a member of the board of advisors of the center for law and philosophy. he serves on the editorial advisory board of the london review international law, the journal of world investment and trade him a transnational legal theory and issues of economic integration. he's cofounder of the new york city working group on international economic law and is a former resident. please join me in welcoming the international house. [applause] thanks very much. it is a pleasure to be here at the university of chicago to talk about man of peace. this is the university where he taught and his mature years and where he gave many of his most famous lectures and many of his famous books. so, a week ago a man named tom coughlin was elected to the united states in arkansas and he is an unreconstructed neocon and it turns out that 19 or 20 years of age he was quoting leo strauss and the n

. >> the right came from congress which backed bacardi with a 1998 law that the wto said violated americanobligations. as u.s. cuba preterite cools -- as u.s.-cuba rhetoric cools, the rum market might heat up. >> is now the moment to do something more aggressively? >> the company told us they will simply start shipping their cuba n rum under a different name. in the meantime bacardi sales of havana club remain barely profitable. the value might be in keeping a rental rum-- a rival rum out of america's cocktails. >> open trademark battles in rum and cigars. brands worry about whether they will have the right in the u.s. if the embargo is lifted. betty: thank you so much for bringing us that report. we'll be back in two minutes. ♪ betty: much more ahead. getting spooky at bridgewater. why is the hedge fund launching in artificial intelligence unit. shares jump for south korea's largest condom maker. ♪ >> welcome back in the loop. we are 30 minutes from the opening bell. these are top stories and futures are lower on this friday, the last trading day of the month. of the economy was slower th

china wto access and, the way he managed in the asian financial crisis. what people saw was courageous decisions that were unpopular, but they did create a degree of confidence. to go to this overall philosophy, the values that bruce talked about, work and responsibility, but also a general sense that a president could be progressive in his investments, progressive in seeking to make sure the benefits are shared by the middle class, by the hard-working, low income families. you could do that in a way in which you saw to shape markets not stop markets. the fact that one of the great things with the internet giants at the time was, provide the president left the internet -- the development of the internet. in trade he moved toward trying to have more labor standards. it was an understanding that you could be both pro-growth and progressive. that you to be reasonable and realistic about market and have and how they develop. i think this defines him and i think you would not have had the degree of growth and investment that you had without president clinton.

jack taylor is with us over at wto p. >> a tough morning getting across the freeway headed towards the the freeway before and after the exit to the third street tunnel on the left side of the roadway, district authorities are dealing at this point. metro rail, the orange and silver lines, no longer silver -- single tracking. the george washington parkway after 123, blocking the left lane, park police are with it. sonny with wind, i have not seen much more. >> the wind makes it feel 10 degrees to 15 degrees colder than the air temperatures in the single digits. 16 degrees at reagan national, five degrees we tracked down, record-breaking temperatures early this morning. lunchtime, working degrees. 18 is the high this afternoon. lots of sunshine and because those cluster he wins this morning, windchill advisories until noon. stormwatch in effect until the western zones with five inches of snow, milder as we head into the day. >> thank you for joining us this morning. you can get more t >>> good morning, america. it's 8:00 a.m. and time for our ultimate oscar blowout. we go behind the scen

or under the trade agreements of the wto or other such multi-national conventions. we would have to factor that into our thinking, i would suggest. we also would obviously have to factor in the impact of this in terms of the three conventions themselves. if, in fact, the nation that has exercised more leadership within the united nations over the 70 years, the last 70 years than any other nation is in overt and admitted noncompliance with its treaty obligations i assume that would make it less likely that other governments would feel any sense of obligation to comply with their treaty obligations as well. i repeat and on this i don't mean to overstate the case, it is not the end of the world, but there would be negative impacts. and my conclusion is it would be better if we could convince the incb that our domestic posture and position leaves us in compliance with our treaty obligations than the reverse. and i will continue to make the argument that i have been making now for more than two years that our federal system our continued commitment to the fundamental obj

wofe to look for all opportunities to take down barriers for all members of the wto especially the major emerging economies and we have to use the disputed settlement process to enforce our rights. otherwise, what's the point of having a trade agreement? before we can conclude any of these deals, there's one thing that we have to do. we've got to pass trade promotion authority. here the issue. when the united states sits down at the negotiating table every country at that table has to be able to trust us. they have to know that the deal that administration wants also the deal that congress wants. because if our trading partners don't trust the administration, if they think it will make commitments that congress will do later on they won't make concessions. on the other hand, once our trading partners know that we are trust worthy, once they can see that we are negotiating in good faith they will be more willing to make concessions. that's why we have to pass tpa before negotiations are complete. what iment saying is that what tpa does is enhancing congress' tower. nothing stops the admin

we've got to keep trucking at the wto. first, we've got to implement the trade agreement. this could add a trillion dollars. this is a great opportunity to tear down barriers that could add another trillion dollars. we can keep our crucial edge. we've got to keep using the dispute settlement process to enforce our rights. otherwise what's the point of having a trade agreement. before we can conclude any of these deals there's one thing that we have to do. we've got to pass trade promotion authority. here is the issue. when the united states sit douns at the negotiating table, every country at that table has to be able to trust us. they have to know that the dleel the administration wants is also the deal that congress wants. if our trading partners don't trust the administration, if they think it will make commitments that congress will undo later on they won't make concessions. why run the risk for no reason. on the other hand once our training part ners inging partners know we are trustworthy, they'll be more willing to make concessions. that's why we have to pass tpa be

we will head right over to the wto pete traffic center where jack taylor has been keeping an eye on theper seven is flying under the tree, -- over the tree. only one single left lane is getting by. authorities remain on the scene. at one point there was a snow plow, we were not sure what was going on there. also, as you approach 355 we have been dealing with water main repairs on the westbound lanes open. all right, i know that warmth is far away, but what are we dealing with soon? jacqui: snow showers's south of the beltway. we have been seeing them mainly in southern maryland stretching down light with isolated little gusts possible, no big deal, it should not affect the drive today. 32 degrees downtown, 25 it ellis, 25 in hagerstown. cold arctic air working its way in today, no changes with the temperatures, peaks of sunshine occasionally with flurries temperatures dropping back down into the teens, cold and comfortable this weekend, but then late on sunday a wintry mix is on the way. jummy: thank you so much. thank you for watching this morning. announcer: it's "live! with kelly & m

so far this morning the commute has been tough in some spots and jack taylor is at wto pe in continuing>> especially trying to get into sterling, a long-standing crash on the left side of the roadway with backed up traffic. speaking of, maryland on the right side, 95 trying to come in on the inner loop of the beltway, the earlier crash before the parkway it got cleared. northbound after 197 that crash moved on to the left side of the roadway with delays easing up on 395 the just got moved over to the shoulder, we moved the camera back to show the stacked up traffic around springfield but along the way your lanes are open. it is going to be warm today? >> sing it, it is a great day, a warm wednesday to look forward to, this is a one-hit wonder. things will be changing tomorrow, so make sure that you enjoy it. a bit of a windchill with nice color as the sun continues to rise in hagerstown. 31 in annapolis. temperatures warming into the 40's by noon today and we will see some clouds mixing the sunshine and a high temperature near 50 degrees which is above average. flurries expected tomorro

my understanding is since china joined the wto, the united states has run about three trillion worth of trade deficits with china. last year, it was 30 $340 billion. some would say this is contributing very much to china's growth at the expense of our own growth and jobs in this country and economic strength in the country. would it make sense to begin to rebalance this economic relationship rather than feeding china's growth at our own expense. >> my name's martin apple from california. my discussion point is very straightforward. that is the cyber connection. threats and super agents and all these things developed on both sides of the ocean. just as much as all the others because it really underlines their success. >> toupt start then we'll get to the cyber question? >> yes, i share the sentiment behind your question and certainly f we go back a number of years to the period before the global financial crisis, the imbalance between the united states and china and just more generally, imbalances in the world have really reaches extreme levels. china's surplus got above 10% of gdp. u

appropriate time for me to remind all of you of this administration's strong record of going to the wto to protect the american economy and american businesses and american workers. throughout this presidency, 18 different times this administration has taken specific cases to the world trade organization, raising concerns about the trade practices of other countries. 18 times the united states come away victorious in resolving those claims. resolved in the favor of u.s. businesses and workers. i think that is a testament to the kind of commitment this administration and this president has made to ensure as we engage in global economy the president will make sure, both, that we are protecting american workers and american businesses and we're hold other countries actable for playing by the rules. as we consider taking additional steps to enter into trade agreements with other countries particularly in the asia-pacific, that as people evaluate whether or not the president is this is a pretty good example that he's committed to protecting american interests and he's been successful in doin

if you look at the wto, the united states has brought 19 cases, 9 of those 19 cases have been against china. they've been in important areas like cars, suvs, rare earth. we've consistently won those cases. it's more cases than anyone's brought. so if you put rules and trade agreements -- in trade agreements, we're already a country that's transparent that abides by those rules. a lot of other countries in the world aren't. bringing them into a system like that so we can take the type of enforcement actions that you've seen us take since 2009 just puts us in a better position with more leverage and a better ability to expand our exports and economy. >> just in the terms of the raw politics of getting these deals are you very confident or just semi-confident that they're going to come through? >> i'm on the economic side of the operation, so i'm not going to make a political prediction for you, but i'm very confident it would be good for american workers, and i'm very confident that we have a strong case that these trade deals are good for -- >> and what are you hearing from allies in a

appropriate time for me to remind all of you about this administration's strong record of going to the wto to protect the american economy and american businesses and american workers. throughout this presidency 18 different times this administration has taken specific cases to the world trade organization raising concerns about the trade practices of other countries. 18 times the united states has come away victorious in resolving those claims, that they were resolved in the favor the united states and in favor of u.s. businesses and u.s. workers. and i think that is testament to the kind of commitment this administration and this president has made to ensuring that as we engage in a global economy that the president's going to make sure both that we are protecting american workers and american businesses and that we're going to hold other countries accountable for playing by the rules. and as we consider taking additional steps to enter into trade agreements with other countries, particularly in the asia pacific, that as people evaluate whether or not the president is sufficiently commit

. >> you got the wto's. you've got a lot to work with right there. -- w-2s. senator stabenow and i think colleagues on the other side can working on the individual portion of the tax, that there's got to be a way to help the middle-class that are hurting like that autoworker and get people out from under the bureaucratic water torture which is what filling out all these forms are all about as the taxpayer advocated noted. thank you, mr. chairman. >> senator heller. >> mr. chairman, think you. i look forward to the continuation of this particular hearing. mr. secretary, thank you for taking time. i want to follow up briefly on what my colleague from south dakota question. obviously bring from the that we have similar concerns and problems with some of these small family farms and ranches. in my state there's over 230,000 small businesses. it's my understanding, and correct me if i'm wrong, generally no tax would be do on small family businesses and those old. can you clarify to me what that business threshold would be? define what a small business is. >> senat

governments to abide by they're rules under the human rights convention or under the trade agreement of the wtor such multinational conventions. you would have to factor that into our thinking. we also would obviously have to factor in the impact of this in terms of the three conventions themselves. if the nation that has exercised more within the united nations over the 70 years than any other nation is in over it and admitted noncompliance with its treaty obligations i assume that would make it less likely that other governments would feel any sense of obligation to comply with they're treaty obligations as well. i repeat, and on this i do not mean to overstate the case. it is not the end of the world but there would be negative impacts. it would be better if we could convince the incb that our domestic posture and position leaves us in compliance with they're treaty obligations and i will continue to make the argument that i have been making now for more than two years that our federal system our continued commitment to the fundamental objectives of the three conventions, and that is to disc